Friday Facts and Figures: October 5, 2018

Friday Facts and Figures is a brief digital newsletter focusing on data points from NJPP reports, research, and policy debates in New Jersey and beyond.Sign up here.

16,000

Thousands of New Jersey workers will get a raise on November 1, as Amazon is increasing its minimum wage to $15 an hour for its US employees. With 16,000 workers in New Jersey, Amazon is one of the largest employers in the Garden State. [NJ.com / Jeff Goldman]

$3.9 Billion

Raising New Jersey’s minimum wage to $15 an hour – for all workers – by 2023 will inject $3.9 billion into the state’s economy, according to a new report by NJPP’s Brandon McKoy. Boosting the take home pay and consumption power of over one million New Jersey workers will help alleviate poverty and strengthen the state’s economy. [NJPP / Brandon McKoy]

45

Forty-five states – including New Jersey – are spending less on higher education than they were a decade ago. Across the country, state funding for two- and four-year colleges and universities is more than $7 billion below 2008 levels. The result: raised tuition and reduced academic opportunities and student services. [Center on Budget and Policy Priorities / Michael Mitchell et al.]

28 percent

In New Jersey, funding for higher education is down 28 percent compared to 2008 levels, or $2,400 less per student. Over the same time period, the average tuition at New Jersey’s public colleges and universities has risen by $2,075, putting increasing pressure on students and their families. [NJ 101.5 / Michael Symons]

3.2 Trillion

House Republicans passed a second round of tax cuts that are estimated to add $3.2 trillion to the federal deficit over the next decade. The bill would permanently extend many of the tax cuts passed in 2017, with the nation’s wealthiest families receiving most of the benefit. The top one percent of tax filers would see an average tax cut of $40,000. [Washington Post / Jeff Stein]

ICYMI

On Tuesday, NJPP joined New Jersey business owners at the State House to urge lawmakers to raise the minimum wage to $15 an hour for all workers. Higher wages are not only beneficial to workers, but also to their employers who experience lower employee turnover, reduced hiring and training costs, and higher productivity. Thank you Earth Friendly Products, Love2Brew Inc., New Jersey Sustainable Business Council, and Business for a Fair Minimum Wage for making our event a success! [NJ BIZ / Daniel Munoz]